Withdrawing Large Sum of Money from The Bank in Cash - Amounts and Reporting Issues?

sweetnipples on 12/05/2017 - 08:52

I have a reasonable amount in 1 bank account, and i no longer wish to leave it with the Bank.
I'd rather just have it in cash until i decide what i want to do with it.

I know if i go and ask for it all out in cash, the Bank has to report it (anything over $10,000 i believe)

It is just shy of $200k
Anything i should be aware of ?

It is my money and its just been sitting in an account earning next to nothing
Will it be suspicious if i just go and ask for it all in one hit?
Or should i withdraw smaller amounts over multiple days? Or is that just as obvious for reporting reasons?

I have no interest in transferring to another account
I just want it out of the bank

Thanks

Financial

Comments

  • [Deactivated] on 12/05/2017 - 08:57
    +8

    the Bank has to report it (anything over $10,000 i believe)

    thats when you deposit cash into a personal account.

    is your account a personal or business account?
    you should have no issue taking the cash out, if you need any help, PM when and where you will be doing it as me and some mates can help you :P hehe

    generally you'll need to give the bank a week to collate the cash anyway so you wont get it instantly.
    if you want it all quickly goto the CBD branch or branch that deals with lots of cash deposits from businesses.

  • dasher86 on 12/05/2017 - 08:58
    +4

    You will still need to notify the bank you want to take it out in advance as they probably won't have the cash float to facilitate your transaction.

    No real reporting issue as long as you can prove the source of funds etc.
    taking out smaller amounts as a time may actually draw more suspicion.

    keep everything above board and should be okay.

    Also when you decide to take out the cash please let us know where and when and we'll send bikies…

  • muncan on 12/05/2017 - 09:04
    +6

    Can we explore why you believe your money is safer with you than in the bank?
    And why are you concerned about reports of your transactions?

    • sweetnipples on 12/05/2017 - 09:15
      -4

      Don't trust the bank
      And its my money, why can't i do what i want with it?

      • ronnknee on 12/05/2017 - 09:41
        +3

        Don't trust the bank

        How come?

        • garetz on 12/05/2017 - 12:14
          +6

          If he doesnt trust the bank, what makes you think he is going to trust a total stranger on the internet with the reason why he doesnt trust the bank.

        • Seraphin7 on 13/05/2017 - 20:59
          +14

          @garetz:

          Yet will strangely trust their advice regarding the implications of getting the cash out.

      • tsunamisurfer on 12/05/2017 - 11:48
        +4

        If you don't trust the bank, may we ask what financial instrument / vehicle are you trusting when you walk out the door?

      • sunnyc on 03/06/2017 - 22:45

        Its safe up to 250k so just transfer into term deposit or invest into something.

  • k-rokfm on 12/05/2017 - 09:04
    +5

    What do you need 200k cash for anyway just out of curiosity? Are you putting it under your mattress for a rainy day?

  • sweetnipples on 12/05/2017 - 09:08

    Yeah, its just a personal account.

    Over the years, i've often withdrawn amounts like $20K or $40k with no issues at all, just walked in and they had it.
    It is a major branch.

    Source of funds is very obvious, was from the sale of a house years ago.

    Yeah, i must admit, i'm not a fan of having such an amount in cash, but i'm even less of a fan of leaving it in the bank currently.
    I guess it will have to be reported, that is code all banks work under.
    They might put me on a watch list i guess. Could think i'm drug dealer, who knows.
    It is more likely some of it will see a bookie at the race track though.

    But i'm not the first person of late that has been withdrawing their money from the Banks

    • k-rokfm on 12/05/2017 - 09:27
      +7

      Put it all on black

  • pantsparty on 12/05/2017 - 09:11
    +11

    Why would you want it in cash? It is much safer in a bank account (especially with the government deposit guarantee). What if your house floods or burns down, or someone robs you….

    If you are sick of earning no interest, put it in a better account.

    • sweetnipples on 12/05/2017 - 09:13
      -4

      Yes, they are the risks and i am prepared to take them.
      No, not putting in another account, been playing that game for last few years!

      • pantsparty on 12/05/2017 - 09:17
        +8

        Why though? We can probably offer some good suggestions if you help us understand your logic. I suspect you already have another use for the money in mind? Withdrawing all that cash and stuffing it under your mattress has criminal and illogical written all over it.

        • sweetnipples on 12/05/2017 - 09:19
          -7

          I have no use for it in mind.
          I really don't consider it that much money in this day age
          It wouldn't even buy you a Landcruiser Sahara and matching caravan.

        • pantsparty on 12/05/2017 - 09:23
          +5

          @sweetnipples: So what is the logic of withdrawing it instead of putting it into a bank account and earning some interest? I know interest rates are low at the moment but even earning 2% a year on $200,000 is $4,000 a year. That's enough money to buy yourself a very nice present each year - a small holiday, a couple of massive televisions, whatever floats your boat. Sitting in cash it won't earn you anything. A true Ozbargainer would maximise by using the interest to buy products on sale!

        • railspider on 12/05/2017 - 09:46
          +17

          @sweetnipples: If you're not that attached to the money, can I have some? Happy to pay for postage.

          Promise I won't put it in the bank!

        • realfancyman on 13/05/2017 - 18:46

          @railspider: I'd be happy to do that, but first I'll need you to pay some taxes and fees in advance…

        • payton on 15/05/2017 - 01:58

          @pantsparty:
          Thread has signs of being a troll post or criminal all over it.

    • [Deactivated] on 12/05/2017 - 20:58
      +10

      To hide assets? For example, payment eligibility or divorce?

      • aromatase on 14/05/2017 - 09:56
        +5

        This is probs OP true reason

      • muncan on 14/05/2017 - 10:08
        +2

        OP, is this why you are concerned about reporting?

  • bobbified on 12/05/2017 - 09:19
    +3

    What would you do with $200K in cash?
    If you're saying that it's not earning much interest in the account, it's definitely not going to be doing any better under your bed!

    Why not leave it in your account for now, decide what you want to do with it and then get the bank to draw you a cheque payable to wherever you eventually decide you want to put it?

    I couldn't help wonder whether your ozbargain nick had anything to do with how the money was earned? haha

    • pantsparty on 12/05/2017 - 09:24
      +2

      They must be very sweet for $200k.

  • sweetnipples on 12/05/2017 - 09:21

    Seems this has got right off topic
    I was only asking about the Withdrawal process and what reporting comes with it.

    Yes, i am aware of many other investment vehicles and shares and so on.

    At this point, i have no more faith in the bank.
    There is no other reason, there is no separation, i am the only person with access to the funds.

    What I do with the money is probably no ones business, would be like me asking you all what you do with your money.
    And currently, there is no plans for it.

    Although you brought up one issue, and that is if/when i go to re deposit it.
    This may attract more questions than the withdrawal

    • bobbified on 12/05/2017 - 09:27
      +1

      If you want a straight answer for that, the reporting is done on the financial institution's side. They may ask what it's for and it's up to you whether you want to answer that or not. Other than that, there's nothing else that you need to do.

      All the information about the transaction reporting can be found here:
      http://www.austrac.gov.au/

    • Switchblade88 on 12/05/2017 - 10:03

      Although you brought up one issue, and that is if/when i go to re deposit it.
      This may attract more questions than the withdrawal

      THIS. If you pay someone in cash, all well and good, but THEY will have to account for the source. That means that you, being the buyer, will probably also have to account for the source. Remember, a seller is generally not mandated to accept any specific form of tender - they can tell you to bank it yourself then transfer to them instead. That also means you're the one being interrogated as to the source of the cash.

  • wei13 on 12/05/2017 - 09:28
    +5

    You seem to be concerned about the bank reporting it. If it is your money, and everything about it is legit, then I am not sure why you'd be concerned. So what if they report it? You have every right to hide it under your pillow.

    The bank will most certainly ask what you plan to do with it, for the purpose of keeping your business.

    • sweetnipples on 12/05/2017 - 09:33
      -1

      Well, this is why i am asking.
      As i am not sure of the process or if there is anything to know.

      Yep, they can report all they like.
      As far as i'm concerned, its my money, can do what ever the hell i like with it.
      If that involves losing faith in the bank and withdrawing it, then so be it.

  • 2jzzzz on 12/05/2017 - 09:33

    Put it in a term deposit or something, get a little extra interest. Don't have cash lying around, put it to use. Buy blue chip stocks, a house or commercial property.

    Im talking worst case here, but what if you had a crash on the way home and lost it, house burned down, got burgled or a bank employee knows about the cash and sells that information to someone unscrupulous.

    • sweetnipples on 12/05/2017 - 09:36

      It probably will end up in a House like you said

      And there is no way the cash was coming to my address.
      I'm not that silly.

  • Baysew on 12/05/2017 - 09:34
    +12

    Anything i should be aware of ?

    I have heard from a good mate, that there are people around that, like, take and steal from foolish people that have large sums of cash. Not sure if this is right or not.

  • Fizzydrink on 12/05/2017 - 09:44
    +6

    I think someone's more worried about future world developments and access to the money should things go tits up. hence why not caring about other finance options. I don't think cash will matter then though.. we'll all be trading seashells and baked beans

    • Switchblade88 on 12/05/2017 - 09:57
      +4

      If the OP's purpose is to ward against Armageddon… then cash probably isn't the most reliable method of liquid value.

      Any physical commodity is dependent on the value given to it by others. If people perceive cash as worthless, then nobody will trade it for food/water/etc.

      If you have, say, gold, you can usually trade it for other valuables as even in a market crash in Aus it'll still have -some- value.

      Alternately, water is an essential resource that always has value. I hear the Murray Darling Basin has $200k quantities available to acquire.

      • sparkles on 12/05/2017 - 23:40
        +3

        Invest in chocolate and coffee. Humans will alway want those even after the zombie apocalypse.

      • CMH on 13/05/2017 - 03:00
        +5

        Buy as many bottlecaps as you can with 200k. That'd set you up for life.

    • Dave Id on 12/05/2017 - 10:23
      +2

      Eneloops!

  • redfox1200 on 12/05/2017 - 09:48
    +24

    just remember to put "no cash kept on premises" on all your windows so burglars know there's no cash in your house.

    • cheapisgood on 13/05/2017 - 19:57

      no they won't lol. We are become more cashless but cash will always exist for obvious reasons.

      Technology isn't perfect.

      I wonder what happens when the power goes down or the machine doesn't work. You will be stuck. I really hope you at least have a bit of physical money.

  • frondono on 12/05/2017 - 11:49
    +1

    Sounds like you've found a way to buy anonymous bitcoin. Going to buy a Ledger Nano S & go all in?

  • chrisd262 on 12/05/2017 - 11:54

    I was assuming budget would announce the end of the $100 note. (and then $50)
    Have not heard anything but if they do $100 notes will have a very short life.
    India just did it and I think it was only a matter of weeks notice before big notes cancelled.

  • chumlee on 12/05/2017 - 21:09
    +2

    You buying a tin foil hat with some of the money?

  • sparkles on 12/05/2017 - 23:45
    +13

    Reasons why people hide money under the bed: Centrelink fraud, avoiding child support, tax evasion, drugs and organised crime, stupidity. So which one is it? LOL

  • Yram on 13/05/2017 - 10:23

    If you are close to 60 ish you could put it all into a industry super fund which can earn 6 or more percent and you can withdraw any time after that

  • rompastompa on 13/05/2017 - 10:29

    If you're worried about banks, and the post apocalyptic state you're thinking will happen when the banks crash, cash won't matter. You need to invest in gold, weapons, renewable energy/water tanks, bunkers, survival books etc.

    You could be king of the new world.

  • Sensiekatie on 13/05/2017 - 14:12

    As someone said, in a crash gold is the easiest way to transact. However, used gold coins are the easiest way to be actually able to use it for transactions.

    Bullion cannot be so easily bought and sold and is traced

    However, going to reputable coin shops and dealers, many sell without identification. There is usually a daily limit.

    Some billion dealers who "hold" your gold for you are scams.

    Oh and pay off all debt if that is the future you are concerned about.

  • kipps on 13/05/2017 - 15:16

    The AUSTRAC reports for cash withdrawals really don't give much more information than what the statement will say.

    Call the branch, make arrangements for the large withdrawal, and done.

  • Rifraf on 13/05/2017 - 17:45
    +2

    If you rock up unannounced its likely the bank will claim not to have much more than 5 to 8k in cash that they can offer you, so key it up first.

    Second point is to consider how physically large that amount of cash actually is, in that its not going to fit into your wallet or empty pockets.

    I see the potential problem as mention above that $100 bills are ticked to disappear off the books soon and there will be real issues getting them converted at a later date to smaller notes.

    You'll likely be asked to prove provenance which will probably fuel the paranoia your manifesting currently.

    I'd suggest you pay the money for some decent legal advice on how to proceed.

    Good luck

    • AddNinja on 14/05/2017 - 07:08

      So? Ask for fifties.

      • Rifraf on 14/05/2017 - 16:09
        +1

        Which leads back to my comment to consider the physical size of 200 k in cash.

        Twice as many $50 bills equals double the volume more or less which is why traditionally $100 notes may have been more popular.

        Again, you'll still be making it harder for the banks to cater for a request for a large amount of cash in notes.

        Defining $50 notes will make it more likely they have time issues coming up with the denominations.

        Also consider the possibility of incorrect counting by tellers.

        Depending on staying under the banks "reporting policy" which the OP wishes to stay under, the possibility for coming up short in a final tally is very real.

  • gimli on 14/05/2017 - 07:06
    +9

    Does anyone smell a troll

  • AddNinja on 14/05/2017 - 07:12
    -1

    The OP is expressing a distrust in banks - one that many people share. He is willing to forgo a little interest simply to avoid them. I know that many here find this alarming, but it is possible to tire of institutions like banks without being a troll.

  • whatthecrappin on 14/05/2017 - 07:14

    When I sold my place I just spread it amongst multiple banks to minimise risk. You're guaranteed up to a certain a amount (I think 200k or is that gone now). I drew down upon the amount when building the new place, didn't attract any questions, but I also didn't ask for it in cash!

    Banks treated me like a king for a day lol, calls, personal manager etc, until I went back into the red….wouldn't even give me a good deal on interest rates for a loan so I left them

  • subywagon on 14/05/2017 - 08:07

    Who do they report it to exactly? ATO? Recently when looking to buy a car we have withdrawn 10k then deposited back into the account when the purchase fell through with no drama. Happened twice in a row actually.

  • peterw1 on 14/05/2017 - 08:58
    +1

    Don't trust the banks, then put it in a credit union. You're happy they're happy.

  • peterpeterpumpkin on 14/05/2017 - 09:34
    +4

    I don't know if someone hasn't stated the obvious, but your physical money only has monetary value if the government says so. What happened as a "surprise" in India could happen anywhere, and it might not just be the big denominations next time.

    So the issue isn't necessarily pulling it out. You'll draw much more attention to yourself when the government invalidates all $100 notes overnight and you come back grovelling to the bank with 2 giant briefcases.

    • plasmoske on 14/05/2017 - 09:47
      +1

      Yeah same thing happened in the Philippines as well a few years ago. Made all the notes invalid at a certain date and everyone had to get newer versions of it (was basically a anti fraud and tax evasion strategy).

  • Plug on 17/05/2017 - 21:46

    Withdrawing $200k in cash is a pretty dumb manoeuvre if you don't mind me saying so. Big risk.

  • Peck on 17/05/2017 - 22:07

    IF you have nothing to hide, then do not worry about a report going in to the CTRA. You don't have to do anything!

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